Core Viewpoint - Southern Airlines has introduced a "Pet Travel" service allowing small pets to accompany their owners in the cabin, enhancing convenience for travelers [1][3]. Group 1: Service Details - Pets must be small enough to fit in a designated soft carrier where they can stand or move comfortably [1]. - Each passenger is allowed to bring only one pet on board, with a maximum of four pets permitted per flight [1][3]. - Pets will have their own boarding passes, indicating that they require a ticket for travel [3]. Group 2: Required Documentation - Passengers must prepare valid health certificates, vaccination proof, and compliant carriers for their pets [6]. - Additional items such as masks (muzzles) and diapers for pets are also necessary [6]. Group 3: Passenger Considerations - To minimize disruption, pet owners will be seated at the back of the aircraft, and adjacent seats will be kept vacant when possible [8]. - Pets must remain in their carriers throughout the flight, and small dogs are required to wear masks to ensure the comfort of other passengers [8].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

伴随着贵金属板块的持续震荡，科技股走势盘整，在主线投资纷纷熄火之际，消费、旅游出行等个 股隐有走强的趋势，其中较为"小众"的航空出行板块近几个交易日更为坚挺：华夏航空、中国东 航、吉祥航空、南方航空等个股年后集体上涨，Wind分类下航空指数已经连续三日逆势上涨，拉长 时间来看，这一指数也逼近了三年来新高。 随着多家公司扭亏的业绩预告披露，展望后市，有基金经理指出，近期航空的上座率已经达到了历史新高的水 平，航空机票也有明显上涨的基础。此外，叠加汇率走强以及油价波动，以及飞机交付量供给紧俏，多重因素 对航司的利润情况亦构成利好。 "小众"板块稳步上行 是持续看跌的，对这些航空公司的利润弹性是比较大的。"该基金经理表示。 工银瑞信基金表示，展望后续，航空业供需格局有望迎来进一步改善。 在去年的"科技牛"行情中，航空股虽然没有动辄翻倍的表现，但依旧走出缓步向上的势头，多只主动权益型产 品也在去年四季度内选择加仓这一板块。因此，年后个股的上涨也使得相关基金产品业绩走强。 以杨金金管理的交银瑞元三年定开为例，该基金截至去年四季度重仓了包括华夏航空、南方航空和中国航空在 内的三只航空个股，并在年后续写了涨幅，截至2月4日 ...

Core Viewpoint - The collaboration between the Liaoning Provincial Department of Culture and Tourism and China Southern Airlines Northern Branch aims to enhance travel experiences during the Spring Festival by promoting cultural tourism and facilitating convenient travel for returning home and tourists [1][3][5] Group 1: Event Overview - The "Returning to Liaoning for the New Year" series of activities was launched as a strategic initiative during the Spring Festival travel peak [1][3] - A themed flight, CZ6368, took off from Guangzhou on February 4, transforming the cabin into a festive "air station" with engaging activities [3][5] Group 2: Cultural Engagement - The onboard activities included a "guess the lantern riddle" game that highlighted local specialties, such as "Shenyang chicken rack" and "Dalian tram," fostering a lively atmosphere among passengers [3] - Additional segments like "Liaoning tongue twisters" and "wish messages" further enhanced passenger interaction and cultural immersion [3] Group 3: Post-Flight Activities - Upon landing at Shenyang Taoxian International Airport, a welcoming event featured the distribution of local gifts and photo opportunities for passengers, creating a warm and inviting atmosphere [5] - This initiative exemplifies the integration of aviation and cultural tourism, enriching the travel experience while promoting Liaoning's tourism resources and unique cultural traditions [5] Group 4: Future Collaboration - China Southern Airlines Northern Branch and the Liaoning Provincial Department of Culture and Tourism plan to deepen their partnership to create a new ecosystem of "aviation + cultural tourism," inviting guests to experience the beauty and warmth of the region [5]

Group 1 - Core viewpoint: Southern Airlines (600029.SH) has released a performance forecast for 2025, indicating a turnaround from loss to profit year-on-year [1] - Domestic demand recovery: The passenger load factor has significantly improved year-on-year [1] - Industry supply and demand: Continuous improvement is expected, leading to potential profit elasticity in the medium to long term [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][14] Core Views - The company is expected to turn a profit in 2025, with a projected net profit of 0.8 to 1 billion yuan, compared to a loss of 1.7 billion yuan in 2024. The non-recurring net profit is estimated to be between 130 to 190 million yuan, improving from a loss of 3.95 billion yuan in 2024 [1][8] - The domestic demand recovery is evident, with passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) expected to grow by 5.5%, 8.3%, and 6.6% respectively in 2025. The overall passenger load factor is projected to be 85.74%, an increase of 1.4 percentage points year-on-year [2][10] - The supply-demand dynamics in the industry are improving, with a forecasted 8.3% growth in RPK for China's civil aviation in 2025. The demand is expected to remain strong due to supportive domestic policies and a recovering macroeconomic environment, while supply growth will be limited due to manufacturing constraints [2][10] Financial Projections - The company's revenue is projected to reach 16.91 billion yuan in 2025, up from 15.99 billion yuan in 2024, reflecting a growth rate of 5.7% [4] - The net profit forecast for 2025 is 0.89 billion yuan, with subsequent years showing significant growth: 5.55 billion yuan in 2026 and 8.395 billion yuan in 2027 [4][14] - The earnings per share (EPS) is expected to improve from a loss of 1.80 yuan in 2023 to a profit of 0.05 yuan in 2025, and further to 0.31 yuan in 2026 [4][14]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][14] Core Views - The company is expected to turn a profit in 2025, with a projected net profit attributable to shareholders of 0.8 to 1 billion yuan, compared to a loss of 1.7 billion yuan in 2024. The non-recurring net profit is forecasted to be between 130 to 190 million yuan, improving from a loss of 3.95 billion yuan in 2024 [1][8] - The domestic demand recovery is evident, with significant increases in passenger transport volume, revenue passenger kilometers (RPK), and available seat kilometers (ASK) for 2025, showing growth rates of 5.5%, 8.3%, and 6.6% respectively. The overall passenger load factor reached 85.74%, up by 1.4 percentage points year-on-year [2][10] - The supply-demand dynamics in the industry are improving, with expectations for continued growth in civil aviation demand supported by domestic demand policies and macroeconomic recovery. The supply side remains constrained due to limited production capacity from aircraft manufacturers, leading to a gradual shift from weak balance to tight balance in the market, which is likely to support ticket price recovery and enhance airline profitability [2][10] Financial Projections - The company's revenue is projected to increase from 87.059 billion yuan in 2023 to 169.074 billion yuan in 2025, reflecting a growth rate of 83.7% in 2024 and 5.7% in 2025 [4] - The net profit attributable to shareholders is expected to improve significantly from a loss of 32.682 billion yuan in 2023 to a profit of 892 million yuan in 2025, with a notable increase in profitability margins [4] - Earnings per share (EPS) is forecasted to turn positive, moving from -1.80 yuan in 2023 to 0.05 yuan in 2025, indicating a recovery in earnings performance [4]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2026 on March 2 at 14:30 [2] - The meeting will be convened by the board of directors [2] - Voting will be conducted through a combination of on-site and online methods [2] - The on-site meeting will take place at the company's headquarters in Guangzhou, China [2] Voting Details - The online voting system will be provided by the Shanghai Stock Exchange [3] - Voting will be available on March 2 during specific trading hours: 9:15-9:25, 9:30-11:30, and 13:00-15:00 [3] - Shareholders can vote via the trading system or the internet voting platform [7] Shareholder Participation - Only shareholders registered by the close of trading on the registration date are eligible to attend the meeting [12] - Shareholders can appoint proxies to attend and vote on their behalf [12][14] - Registration for the meeting will be open from February 12 to February 24, 2026 [17] Agenda and Proposals - The meeting will review and vote on two proposals that have already been approved by the board [6] - There are no special resolutions or proposals requiring separate voting for minority investors [7] Voting Procedures - Shareholders must complete identity verification to vote online for the first time [8] - Votes exceeding the number of shares held will be considered invalid [9] - The first voting result will prevail in case of duplicate votes [9] Additional Services - The company will provide a reminder service for small and medium investors to ensure they can participate in the meeting [8] - Investors will receive notifications about the meeting and proposals via SMS [8]

Core Viewpoint - The Consul General Chen Shijie conducted visits to various Chinese institutions and companies in New Zealand, emphasizing the importance of safety, compliance, and social responsibility in business operations [1] Group 1: Visits and Engagements - The Consul General visited the Auckland Chinese Cultural Center, several Chinese banks (ICBC, China Construction Bank, Bank of China), and airlines (Air China, China Southern Airlines) [1] - Meetings were held with representatives and employees to exchange New Year greetings and discuss operational practices [1] Group 2: Business Operations and Responsibilities - Companies are urged to maintain safety in production and operate in accordance with laws and regulations [1] - There is a strong emphasis on protecting employees' legal rights and fulfilling social responsibilities [1] - The goal is to contribute to the deepening of the comprehensive strategic partnership between China and New Zealand [1]

（在中華人民共和國註冊成立的股份有限公司） （股份代號：1055） 附註： 1. 請填上以 閣下名義登記與本代理人委任表格有關之本公司股份數目。如未有填上數目，則本代理人委任表格將被視為與所有以 閣下名義登記之本公司股份有 關。 附件甲 與本代理人委任表格 有關之H股數目 1 臨時股東會代理人委任表格 本人╱吾等 2 : 地址為 持有本公司普通股 股 3 ， 現委任 4 地址為： 作為本人╱吾等的代理人，代表本人╱吾等出席中國南方航空股份有限公司（「本公司」或「公司」）在2026年3月2日（星期一）下午2時30分 假座中國廣東省廣州市白雲區齊心路68號中國南方航空大廈33樓3301會議室舉行的2026年第一次臨時股東會（「臨時股東會」），並於該臨時 股東會代表本人╱吾等，依照本人╱吾等下列的指示就下列決議案投票 5 。 普通決議案 贊成 5 反對 5 棄權 5 1. 關於聘任公司2026年度外部審計師並決定其酬金的議案 以累積投票制表決的普通決議案 6 2.00 關於選舉公司第十屆董事會執行董事的議案 累積投票（請填寫投票的股份數） 6 2.01 關於選舉蔡治洲先生為公司第十屆董事會執行董事的議案 簽署 7 ...